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President Trump. Photo: Matt Sullivan/Getty Images

President Trump defended his personal lawyer Rudy Giuliani on Twitter, saying the Ukraine investigation is a "one sided Witch Hunt."

"So now they are after the legendary "crime buster" and greatest Mayor in the history of NYC, Rudy Giuliani. He may seem a little rough around the edges sometimes, but he is also a great guy and wonderful lawyer. Such a one sided Witch Hunt going on in USA. Deep State. Shameful!"
— President Trump on Twitter

Why it matters: Trump is choosing to maintain support for Giuliani as New York federal prosecutors have launched an investigation into the former New York City mayor for possibly breaking lobbying laws in his dealings with Ukraine.

  • Trump told reporters Friday he didn’t know whether Giuliani was still his personal attorney, reports the Washington Post.
  • Trump has previously asked other members of his Cabinet and inner circle to resign in the wake of scandal, such as former Labor Secretary Alex Acosta who left following scrutiny over his handling of the Jeffrey Epstein case.

Go deeper:

Go deeper

Dan Primack, author of Pro Rata
43 mins ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.

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